The Moat Index
Compare moats, side by side.
Two to four companies, scored on the same five investor questions from their SEC filings — so the comparison is apples to apples. The method is fully public.
VST · Utilities · No moat
Doesn't clear the bar
The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.
NJR · Utilities · Shallow moat
Doesn't clear the bar
The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.
IDA · Utilities · Shallow moat
Doesn't clear the bar
The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.
| Measure | VST | NJR | IDA | CWST |
|---|---|---|---|---|
| Moat Score (0–100) | 39 | 40 (highest) | 40 (highest) | 39 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 45 | 95 (highest) | 82 | 55 |
| Pricing power | — | — | — | 58 |
| Returns on capital | 13 | 5 | 39 (highest) | 5 |
| Balance-sheet safety | 0 | 5 | 0 | 17 (highest) |
| Capital allocation | 100 (highest) | 56 | 40 | 60 |
| 390% above value if growth stopped today | 72% above value if growth stopped today (largest discount to value if growth stopped today) | 162% above value if growth stopped today | 1013% above value if growth stopped today | |
| Market cap | $51.4B | $5.2B | $7.6B | $5.6B |
| Moat tier | No moat | Shallow moat | Shallow moat | No moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2025 |